By Jon Peterson
WeWork has signed leases for its first access to the Waterfront of San Francisco with leases at office buildings located at 50 and 60 Francisco Street. The total amount of space that the company will be occupying in the near future is 77,061 square feet. These two buildings are part of the Waterfront Plaza office complex, owned by Atlanta-based Jamestown.
“Our Waterfront Plaza location is going to serve as a connector to the north end of the city with breathtaking views of the Embarcadero, green open space, great places to eat and a serene atmosphere. This will be our first space to service North Beach, Russian Hill and the Marina,” says Elton Kwok, general manager of WeWork’s Northern California territory.
WeWork has a significant amount of presence over most of the zip codes in San Francisco. “Through our Global Impact Report, we know that our members represent more than 83 percent of San Francisco’s zip codes. Not all are close to the downtown core but still want access to our collaborative, flexible workspace. By being closer to where people live, we’re reducing commute times, taking congestion off the road and allowing our members to focus on creating their life’s work,” said Kwok.
WeWork will be taking 61,674 square feet at 50 Francisco. This space covers both the entire first floor at ground level and all of the third floor of the building. In addition, the tenant will have a total of 15,387 square feet at the 60 Francisco building.
The two locations will feature some collaborative outdoor seating that will connect both buildings. In total, the two spaces will be able to accommodate a total of 1,400 desks. WeWork is projecting that this space will have an opening sometime this summer.
Both of the buildings that WeWork has signed leases for are owned by Atlanta-based Jamestown. This realty investment firm had paid $26.5 million to acquire both buildings in August of 2014, as stated in public records.
Waterfront Plaza is a 297,260-square-foot office complex in the North Waterfront submarket of San Francisco. The four-building asset is located along the Embarcadero and is bounded by Bay Street to the north, Kearny Street to the west and Chestnut Street to the south, according to the property’s web site. The two, four-story office buildings, 50 Francisco Street with 130,585 square feet and 1700 Montgomery Street with 143,350 square feet, provide large, efficient floor plates and feature floor-to-ceiling windows that offer an abundance of natural light. 1800 Montgomery Street houses the popular Hillstone restaurant and 60 Francisco features a five-story parking structure and ground-floor offices, the web site states.